Business

Retirement 'shunned by 60% of UK wealthy individuals'

Older people
Image caption More wealthy individuals in the UK plan not to retire compared with other developed countries

Almost two-thirds of wealthy people in the UK want to keep working and never retire, a survey suggests.

This is the highest proportion of wealthy individuals out of 20 developed global economies surveyed by Barclays Wealth.

Barclays said the number of so-called "nevertirees" is set to continue to rise as more and more people shun the traditional concept of retirement.

The UK government wants people to work longer to fund their retirement.

It is planning to scrap the default retirement age of 65 from October 2011.

Currently, an employer can force an employee to retire at the age of 65 without paying any compensation.

'Different attitude'

The Barclays survey found that 60% of UK high net worth individuals - which it defined as those having more than £1m in investable assets - do not want to retire, but carry on working as long as they are able.

This compares with 54% in the US, 46% in Japan, 44% in Spain and 34% in Switzerland.

Around 70% of respondents under the age of 45 said they would always be involved in some form of work.

"Whilst in previous generations there have always been an energetic few with the health and drive [to keep working], many looked to create their wealth early on in life with a view to enjoying it whey they retired," said Greg Davies at Barclays Wealth.

"This report reflects a different attitude, with wealthy individuals wanting to continue to challenge themselves well beyond the traditional retirement age."

The Barclays survey was conducted among more than 2,000 wealthy individuals across Europe, North and South America, the Middle East and Asia Pacific.

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